HMV is saved - but will its stores in Suffolk and Essex close?
HMV is saved - but will its stores in Suffolk and Essex close?
Wire WireHMV entered administration after Christmas citing falling DVD sales as one factor for its difficulty
05 February, 2019, 16:39
Putman's purchase will save 100 HMV stores and 1,487 jobs.
The iconic chain has been rescued by Canadian music retailer Sunrise Records. However, 27 stores were not acquired and will be closed immediately, resulting in 455 job losses. A further 122 employees at warehouses will be retained to assist in winding-down operations.
"We are delighted to acquire the most iconic music and entertainment business in the United Kingdom and add almost 1,500 employees to our growing team", he said in a statement.
Putnam, the owner of toy and games distributor Everest Toys, said however that physical music and entertainment formats had a future, and he would aim to replicate the success of Sunrise Records, which he bought in 2014.
HMV said despite growing its market share through 2018, the sector expects to see the market fall another 17% in 2019, leading the directors to conclude it can not continue to trade. We know the physical media business is here to stay'.
HMV has been saved from administration for a second time in six years.
Neil Gostelow, partner at KPMG and joint administrator, added: "We are grateful for the support of all key stakeholders including the suppliers whose support throughout this process has been key in securing this sale".
The demise of HMV underlined the crisis gripping the High Street as firms face rising costs, crippling business rates bills and fierce competition from online rivals.
Mr Ashley, who bought House of Fraser out of administration previous year, had been hotly tipped as a potential buyer for HMV. Poundworld, Toys'R'Us and Maplin went under previous year, and major retailers like Debenhams are closing stores.
The department store chain was reportedly considering making a move through a company voluntary agreement (CVA), enabling it to renegotiate its rent payments with landlords and accelerate the closure of shops.
Among the HMV stores that will remain open in the capital are the Fopp in Covent Garden, as well as stores in Kingston and Bromley.
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